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CGC Key Levels| Weekly Support| Lower High| Low Volume Evening Traders, Today’s Technical Analysis will be on CGC, bouncing of its all-important weekly support, currently facing resistance from the 21 EMA. It must break daily support, or this is simply another lower high. Points to consider, - Macro trend bearish - Weekly support respected - Daily resistance is a key level - RSI coming of oversold - Stochastics projected up - Volume below average - VPVR Flat CGC has been putting in consecutive lower highs on its macro time frame, a strong established bear trend. Weekly support held promptly, a sign of being a true trade location. Daily resistance needs to break for a confirmed trend change, failure will simply mean a lower high. The RSI is coming of oversold conditions, will most probably return to its neutral zone. Stochastics on the other hand still has momentum stored to the upside. The current volume is below average, CGC needs an increase in bull volume to test daily resistance- it is looking quite weak at current given time. VPVR is currently flat, means low volume of transactions at current range, CGC could trade in this region for a while. Overall, in my opinion, CGC needs to break daily resistance, failure will simple mean yet another lower high, thus lower price levels likely. What are your thoughts? Please leave a like and comment, And remember, “Trading doesn't just reveal your character, it also builds it if you stay in the game long enough.” ― Yvan Byeajee
C
by AzizKhanZamani
1
Bitcoin: New Sell Signal? Consider These Inflection Points.#Bitcoin has reacted off of the 6425 resistance level that I have been highlighting recently. And as a result, is in the process of producing a mixed signal. Broader structure favors a test of recent lows, while short term order flow may be pointing to a not so obvious change. The larger structure (recent bearish swing from 8K to 4K) should carry more weight, until a new pattern or development comes along to negate that idea. The aim of this article and video is to point out what these changes can look like and how they will shape our SWING TRADE decisions as the price unfolds. These are the main points of this video: 1. Price has tested the 7150 area, but could not close above 6425. While the push into the low 7Ks is a positive, and may be a sign of a changing price structure (better chance of reversal upon next retrace), it is not enough to provide any kind of conformation that we can rely on. This is the nature of a mixed signal. We are still open to taking swing trade long signals (we recently shared one at 5750), but at 1% risk ONLY. 2. IF price closes below 5640, a new sell signal will be confirmed. We do NOT intend to exit our long upon such a signal, and have compensated for such movement with a wide stop and smaller position size (1% risk). The push to the 7150 area helps to define two particular inflection points where a bullish reversal can materialize and we are willing to give the market a chance to produce one of these scenarios. 3. The 4800 area is the first location where a higher low can develop. IF a pin bar or inside bar appears in this area on THIS time frame, we will be prompted to share a new SWING trade long idea. Since we are long, we will not add to our swing trade (strict risk control). The second area is the one that tricks most bears and that is the failed low around the 3500 area. This is where price appears to be making a lower low, followed by a sharp reversal candle. A pin bar or outside bar would be compelling and within the scope of our expectations. This is basically a variation of the double bottom and a common pattern that we specifically look for in terms of our swing trade strategy. Again these are a summary of high probability inflection points that we are anticipating, these are not predictions or absolute opinions of any kind. Bitcoin, like the stock market is motivated by the same irrational behaviors: greed and fear which play out in particular and repetitive patterns of order flow. As retail traders who are not privy to non public material information, order flow is the next best thing we can possibly get, not news or other forms of infotainment. Capitalizing on it requires overcoming the obstacles put in the way by our own human nature. If you want to win in the long run, stop reacting to the obvious.
BITSTAMP:BTCUSD
by MarcPMarkets
37
LTCUSD 1D BEST MOMENTUM WILLIAMS %R SHORT TRADE STRATEGYThe Best Momentum Trading Strategy using the Best Forex Momentum Indicator Our team at Trading Strategy Guides believes that smart trading is the way to build the best momentum trading strategy. In this regard, we don’t want to predict when the momentum will happen, but we let the market tips his hands and then react. One principle of the momentum indicator strategy is, “buy high to go higher” and “sell low to go lower.” In other words, we trade in the direction of the trend while having the momentum on our side. Step #1: Define the Trend. A Downtrend is defined by a Series of LH Followed by a Series of LL. The definition of a downtrend is pretty much standard. In a downtrend, we look for a series of lower highs followed by a series of lower lows. Two LH followed by at least another two LL is enough to define a downtrend. A lower high is simply a swing low point that is lower than the previous swing low. While a lower low is simply a swing low that is lower than the previous swing low. All momentum traders know that the trend is our friend. But without momentum behind the trend, we might actually not have any trend. For active traders, we also look at the actual price action in order to gauge momentum. Besides reading the best forex momentum indicator. Step #2: In a Downtrend - Look for Bold Candlesticks that Close Near the Lower End of the Candlestick. A technical analysis concept is that you want to use multiple confirmation signs when buying and selling. This will increase the likelihood that’s a high probability trading setup. In this regard, the momentum trading strategy besides using the best Forex momentum indicator also incorporates the price action. A practical way to read momentum from a price chart is to simply look at the candlestick length. What we want to see in a downtrend are big, bold bearish candlesticks that close near the lower end of the candlestick. The upside price movement is preceded by big bearish candlesticks. This confirms the momentum behind the trend. Step #3: Wait for the best Forex Momentum Indicator to get overbought (below -20). Then rallies below the -50 level before Selling. We’re going to use Williams %R, the best forex momentum indicator in a smart way. In a downtrend, we sell after the best forex momentum indicator has reached overbought conditions (below -20). And then rallied back below the -50 level. Now, we have confirmation from both the price and the best forex momentum indicator. The real momentum is behind this trend and the probabilities are in favor of more downside prices from here on. Note* If the best forex momentum indicator continually stays in overbought territory (above -20 level), it signals a strong momentum and conversely a strong trend. Inversely the same is true in a downtrend. Step #4: Place Your Protective Stop Loss above the Recent Lower High. We want to hide our protective stop loss. It is above the most recent lower high level that formed right before the best momentum trading strategy issue the sell signal. Alternatively, you can also trail your stop loss above each most recent lower high. This strategy will allow you to lock-in the potential profits in case of a sudden market reversal. Last but not least the momentum indicator strategy also needs a place where we need to take profits, which brings us to the last step of the best momentum trading strategy. Step #5: You find your own Take Profit or Take Profit once we break below the Previous Lower High. A trend in motion can stay in that state longer than anyone can anticipate. And since we want to maximize our potential profits we let the market tip its hands before liquidating our trades. In this regard, we look for a break in the trend structure. Respectively a break above the most recent lower high. Alternatively, you can take profit once the best forex momentum indicator breaks above the -50 level. Note** The above was an example of a SELL trade using the Best Momentum Trading Strategy. Use the same rules for a BUY trade.
COINBASE:LTCUSDShort
by Tradingstrategyguides
1
BNBBTC Golden Cross| Inside bars| Hidden Bullish Divergence Evening Traders! Today’s update will be on BNBBTC with an initial rejection from structural resistance, it is now resting on the 200 MA. Points to consider, - Trend putting in a lower high - 200 MA as support (Golden Cross) - Structural resistance as target - Hidden bullish divergence - Stochastics in lower regions - Healthy volume profile BNB is putting in a probable higher low after initial strong bear impulse, currently testing a critical trade location with inside bars. The 200 MA is an importance level of support, currently being held with an official golden cross. Structural resistance is current target, a close above will be very bullish as this will put in a new higher high. The RSI has a hidden bullish divergence as it puts in lower lows whilst price action puts in higher lows from yearly lows. Stochastics is currently trading in the lower regions, crossing bullish, with lots of stored momentum to the upside. The Volume profile looks healthy, strong bull volume nodes present. An impulse bull break of the daily inside bars will maintain further bull volume. Overall in my opinion, BNB is likely to be supported here as the 200 MA is a key level. There are bullish signs in confluence; a retest of structural resistance is probable. What are your thoughts? Please leave a like and comment, And remember, “Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.” ― Yvan Byeajee
Long
by AzizKhanZamani
Gold will come down to Get in !!!Hi James and Joe! Looking at the weekly Gold chart, you can see a big ascending channel has been forming on Gold. This shows gold is currently now in the uptrend in the big timeframe like weekly or monthly. However, in a smaller timeframe such as the daily chart, it shows gold is now in a small descending channel. Moreover, you can see 3 more bearish signs in daily timeframe including: 1. The price is currently below 21 Daily EMA (blue line). 2. MACD is moving to the negative side. 3. RSI still builds lower high and lower low. Therefore, this is the opportunity to wait for the price to come down in order to get in my friends. The price is more likely to come down around 1445 -1450 which is Fibonacci 0.382 level and is also 21 weekly EMA (blue line). ***** THIS INFORMATION IS MY IDEA AND IS NOT RECOMMENDATION TO BUY OR SELL. IT IS TO BE USED FOR EDUCATIONAL PURPOSES ONLY. ******
OANDA:XAUUSDShort
by SusuTrader
BTC Update! Is weekly lower high set? Can bulls shift weekly?Ok, last chart we discussed the bulls getting above our zone we've had outlined for months on 4 hour chart but zooming out to bigger picture of the weekly chart. We were watching to see if the weekly just set another lower high and anything lower than $10,540 was just another lower high on our weekly chart. Bulls got to $9195 and are currently trending back down. Tentatively it does appear $9195 may be the lower high for weekly so nothing has changed bigger picture...yet. Bulls would now need a higher low compared to $6430 and then shoot for higher highs. Very manageable here. The 4 hour chart losing its EMA support is first sign I watched for to say this weekly is setting its lower high but the Daily chart (not pictured) is actually holding EMA support still. If daily loses EMA support it will confirm the lower high on weekly for myself. There is nothing wrong with a lower high on weekly and it is what was expected. Would ideally like to see bulls hold $8k to give a very comfortable higher low and then seek to push back up above $9200 and ideally towards $10k. Overall healthy consolidation thus far and no red flags for the bulls. Just My 2 Sats!
COINBASE:BTCUSD
by My2Sats